Uncertainty in Washington tax policy complicates Massachusetts budget writing

in

Dec 6 2017

By Shira Schoenberg, MassLive

The business-backed Massachusetts Taxpayers Foundation said any movement on tax reform could result in a one-time surge in capital gains tax revenues, as investors sell assets based on the anticipated shift in tax policy. But many of the proposals in the tax legislation "will likely have negative effects on state finances, health care coverage, higher education, transportation, research and state exports," according to the foundation's testimony. For example, the tax bill could hurt Massachusetts' many colleges and universities due to a tax on college endowments, the elimination of tax deductions for student loan interest and a change in the taxation of graduate student income.

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